林清轩IPO：2022年曾陷亏损、靠小样狂潮堆砌“假高端”？三年研发投入不足亿元却用近6成收入做营销

Core Viewpoint - The article discusses the recent surge in stock prices of new consumption companies in Hong Kong, particularly highlighting the IPO of Lin Qingxuan and the challenges it may face in achieving stable profitability and brand reliance [1][2]. Financial Performance - Lin Qingxuan's revenue has shown growth from 6.91 billion RMB in 2022 to 12.10 billion RMB in 2024, with year-on-year growth rates of 16.5% in 2023 and 50.3% in 2024 [3]. - The company reported a net loss of 5.93 million RMB in 2022, but turned a profit of 84.52 million RMB in 2023 and 187 million RMB in 2024 [3]. Profitability Metrics - The gross profit margin for Lin Qingxuan was high, with figures of 78%, 81.2%, and 82.5% from 2022 to 2024, while the net profit margin improved from -0.9% in 2022 to 15.4% in 2024 [5]. - The company heavily promotes its "high-end" branding, which is a central theme in its IPO prospectus, mentioned 157 times [5]. Marketing and R&D Expenditure - Lin Qingxuan's marketing expenses are significant, with sales and distribution costs amounting to 5.09 billion RMB, 4.86 billion RMB, and 6.88 billion RMB from 2022 to 2024, representing 73.7%, 60.2%, and 56.9% of total revenue respectively [12][13]. - In contrast, R&D spending was low, totaling less than 100 million RMB over three years, with only 80 patents held, of which 42 are related to core ingredients or technologies [13]. Brand and Product Dependency - The company relies heavily on its single brand "Lin Qingxuan," which accounted for 99% of total revenue from 2022 to 2024, raising concerns about its vulnerability to market changes [11]. - The core product, camellia oil, has increased its revenue contribution from 31.5% in 2022 to 37% in 2024, indicating a growing dependency on this single product line [12].